Successfully running a business is as difficult as establishing one. Worldwide, entrepreneurs have now realized the importance of hiring a skilled business developer. For a business to grow, it must work out the core dynamics of business development and carry out different strategies to achieve massive and scalable growth. Below are some tips to help make your business development efforts a success.
1. Invest in the right business developer
A company’s human resource is the most important asset, whether it is a startup or a large scale manufacturing unit. Hence, you must also invest in a business developer who is best suited to the nature of your company. Different business developers have different strong anchors and have skills suited for a specific niche. Hire a person with deep industry knowledge and who has the acumen to use strategies that perfectly fit with the commercialization stage of the company. The commercialization process includes Scouting, Testing and Scaling and each stage requires a different set of strategies.
2. Know your competition
To achieve scalable growth, you must always be a step ahead of your competition. For this, you should properly know and understand your competitors. This will help you find out your strong suit and determine what makes you different from them. Later on, you can work on this strong suit and stay ahead of them. This difference can be your USP and prove to be an essential business development tool.
3. Build trust
Word of mouth is the oldest marketing strategy but even today it is the most powerful. In order to foster growth through word of mouth, you must first build a strong bond with your existing customers. Rather than only focusing on people’s wallets, focus on eliciting trust in their hearts. You can build trust by offering value to your customers over merely offering your products or services. When a customer starts trusting a brand, he becomes a loyal customer and also spreads a message around about your worthiness. Trust building is your calling card for business development.
4. Know the difference between Business development and sales
Entrepreneurs often make the honest mistake of equating sales with business development. Sales mainly focus on driving revenue whereas business development is the practice of pursuing strategic opportunities for both quantitative as well as the qualitative development of a company. Business development is the macro picture, whereas sales is just a part of it. Sales promotions strategies may target on achieving better sales or expanding distributor network, while BD may involve cultivating partnerships, identifying new markets, developing new methods of supply etc.
5. Keeping pace with innovation
The market is constantly evolving. Whether it is consumer goods industry, IT or entertainment industry; there is a constant ebb and flow of innovations. In order to develop your business, it is important that you embrace the full spectrum of invention and innovation and include them in your business strategies. A company that inculcates innovations and combines them with acquisitions, can enhance their competencies and cut an edge in the completion. Thereby, resulting in increased flow of revenue and development of the company.
6. Know your capabilities
As merely increasing your revenues is not your sole purpose, you should make deals wisely. There’s a big difference between making deals and making the right deals and you can make the right deals only when you fully understand your capabilities. You don’t want to make a deal and don’t deliver. Similarly, there’s a difference between thinking big and wishful thinking. Your targets and goals should be high but rational. Projects that challenge you and make you use your optimum capacity, can thrive your development. Whereas, wishful goals will weigh you down.